RELATED ARTICLES

Share this article

'I was like, ''OK, let me support them.'' And then I became part of them.'

After convincing a male patient to take the payment of 15 Bitcoins - worth $5 each at the time - for a sperm test, Dr Lee set his sights higher.

He asked several patients if they would consider using Bitcoins as a method of payment for their treatment as it offered a large discount.

Ready money: Bitcoins have been made but in reality, the currency is piece of computer code which can't be stolen or forged

COINING IT IN: WHAT IS BITCOIN?

It's a piece of data locked in an internet-based network by a complex equation.

Once released it can be traded and used like money online and can be purchased with real cash. Many websites are now taking Bitcoins as a form of currency. As well as digital currency, Bitcoin miners enjoy the competitive nature of unlocking the coins.

Famous fans include the Winklevoss twins who own around 1 per cent of Bitcoins - currently worth around $11million.

It has been dismissed by some as a Ponzi Scheme and touted by others as the future of money. It is not centrally controlled and it's unique and complex set up means the market cannot be altered or hacked, according to the developers.

There are 21 million coins predicted to last until 2140 and their finite nature means they perform more like a commodity, such as gold.

The coins first emerged in 2008 and launched as a network in 2009.

They were introduced by an obscure hacker whose identity is a mystery but is known as Satoshi Nakamoto, which is thought to be a pseudonym.

Users choose a virtual wallet from one of the various providers which enables them to receive, give and trade coins from other users.Bitcoins can be bought from specialist currency exchanges and online marketplaces such as eBay.

The doctor's breakthrough came after a couple whom he had helped have three children came back wanting to have a fourth baby.

Despite not understanding how the currency actually worked, the couple agreed - after the doctor offered half-price treatment - and medical history was made.

The transaction proved to be a little complicated. The couple owed $1,000 - a large sum for the Bitcoin market.

Dr Lee decided to use an exchange service in Australia which has since gone out of business.

The parents-to-be set up an account with CryptoXChange using an international money transfer from their U.S. bank.

After a few days, the transaction was complete and Dr Lee had his Bitcoins.

The value of the currency has leapt - meaning he made $2,600 from the transaction.

Bitcoins have become an increasingly popular digital currency since they emerged in 2008.

They are bought and sold on a peer-to-peer network independent of any central control.

Tyler and Cameron Winklevoss - the twin brothers famous for a legal battle with Mark Zuckerberg over Facebook after they claimed he stole their idea - are forerunners in the Bitcoin phenomenon.

Their savvy move to buy 1 per cent of Bitcoins has made them a tidy profit of $11million.

While Bitcoins were first introduced four years ago and were initially unknown to everyone but hackers and the computer-savvy, they soon caught the eye of investors.

Although the cybercurrency has existed for years as a kind of Internet oddity, a perfect storm of developments have brought it to the cusp of mainstream use.

Big fan: Fertility specialist Dr C Terence Lee has been trying to encourage patients to pay for treatments using Bitcoin

As currency crises in Europe piqued investors' interest, a growing number of businesses announced they were accepting Bitcoins for an ever-wider range of goods and services.

The value of a single Bitcoin began racing upward amid growing media attention, smashing past the $100 mark back in April before more than doubling again a few days later.

However the price of Bitcoin quickly imploded, falling from around $266 on April 10 to just above $40 in 24 hours, according to Bitcoincharts.com, which tracks trades across the Internet.

Dismissed by some as a Ponzi Scheme and touted by others as the future of money, the plunge in value gave weight to a chorus of detractors claiming it is no more than a speculative bubble.

Users can send money directly from their computers to others on the other side of the world, and coins can be used to buy real goods, swapped for cash on exchanges or used for speculation.